Templeton gets 4.3m euros for first three months of FP management

Franklin Templeton US group, the sole manager of Fondul Proprietatea (FP), collected 18.3m lei (4.3m euros) for the first three months of its mandate (September 29-December 29, 2010), shows the fund’s annual report.

During this period, the manager prepared the Fund’s floatation, filed a suit against the Romanian state and made the first moves in the fund’s portfolio, through BRD-SocGen stock purchases.

Since September 29, 2010, FP and its assets worth around 3.8bn euros have been managed by Franklin Templeton US company through the Bucharest subsidiary.
In the first three months of mandate, Franklin Templeton’s priority was to prepare FP listing on the BSE, a procedure that was completed in January 25, 2011, when FP started trading.

In the Bucharest office, Franklin Templeton has 25 employees, out of whom six are Romanian investment experts recruited last year, being supervised by the fund’s manager, Greg Konieczny. The members of Franklin Templeton’s Bucharest team analyse the situation of companies part of the fund’s portfolio, seek investment opportunities on the domestic and foreign markets, and are part of the boards of over 20 companies where the fund is a shareholder.